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Italy raises retirement age by three years

Global Pensions | 30 Jul 2010 | 15:04

Chris Panteli

ITALY - The Italian government has raised the retirement age by three years as part of sweeping austerity measures.

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The Italian pension institute, INPS, said the move, which will be effective from 2015, would save the state €86.9bn ($113bn) as people would retire more than three years later under the reform by 2050.

Italy's complex pension system allows for two options to retire. Men in the private sector and both men and women civil servants can currently retire at age 65, while women in the private sector can retire at age 60.

By 2050, these ages will rise to 68 years and four months and 63 years and five months respectively, according to the INPS.

Alternatively anyone who has paid into the system for 35 years can currently retire at age 62, a figure that will rise to age 65 and four months, INPS says.

The move comes after the EC told Italy in June the current measures to incrementally increase the pension age of women employed in the public sector from 60 to 65 by 2018 did not move fast enough to equalise pension age. (Global Pensions, June 8, 2010)

 

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